News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/FqAsp91Gia
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/cKOUmtj7Dj
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/TnL91f7sl7
  • Human error in the forex market is common and often leads to familiar trading mistakes. These trading mistakes crop up particularly with novice traders on a regular basis. Learn about the top ten trading mistakes and how you can avoid them here: https://t.co/i8E2AXtzF3 https://t.co/cDcjl3Ue09
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/KWOX5wSipe
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/cwSWCpKtaj
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sZLTs https://t.co/zu5hMovbz6
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/QMKyTBOKNG
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/aRkGoNvj6D
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9Flsqcxo9 https://t.co/ltVTNO2sjT
Oil Weekly Price Outlook: Crude Rips into Resistance, Five-Month High

Oil Weekly Price Outlook: Crude Rips into Resistance, Five-Month High

Michael Boutros, Strategist

In this series we scale-back and look at the broader technical picture to gain a bit more perspective on where we are in trend. Crude Oil Prices are up more than 33% since the start of the year with the breakout now testing a major technical resistance zone at five-month highs early in the month. These are the updated targets and invalidation levels that matter on the WTI weekly price chart. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

New to Oil Trading? Get started with this Free How to Trade Crude Oil Beginners Guide

Crude Oil Weekly Price Chart (WTI)

Crude Oil Price Chart - WTI Weekly

Notes: In my previous Crude Oil Weekly Technical Outlook we noted that price was testing a key resistance zone at 59.61-60.06 - “A weekly close above would be needed to suggest that a more meaningful low was registered in December with such a scenario targeting the 52-week moving average at ~62.82 and the 61.8% retracement of the 2018 decline at 63.68.” Price is testing this resistance zone into the August low at 64.40 early in the week and leaves the immediate advance at risk while below.

A breach / close above is needed to keep the long-bias viable targeting channel resistance / 68.72. Key support / bearish invalidation now raised to the Monthly open / 50% retracement at 59.61-60.14 -Weakness beyond this threshold would risk a larger correcting in price.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Bottom line: Crude prices are testing BIG resistance here and we’re looking for a reaction off the 63.68-64.40 zone heading into the close of the week. From a trading standpoint, a good place to reduce long-exposure / raise protective stops. Be on the lookout for possible near-term exhaustion near this zone with a pullback to ultimately offer more favorable long-entries while above 59.61. I’ll publish an updated Crude Oil Price Outlook once we get further clarity in near-term price action.

Even the most seasoned traders need a reminder every now and then- Avoid these Mistakes in your trading

Crude Oil Trader Sentiment

Crude Oil Trader Sentiment - WTI Price Chart
  • A summary of IG Client Sentiment shows traders are net-short Crude Oil - the ratio stands at -1.84 (35.2% of traders are long) – bullish reading
  • Traders have remained net-short since March 28th; price has moved 8.1% higher since then
  • The percentage of traders net-long is now its lowest since September 4th
  • Long positions are 11.8% lower than yesterday and 19.1% lower from last week
  • Short positions are 8.5% higher than yesterday and 24.8% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests Oil prices may continue to rise. Traders are further net-short than yesterday and last week, and the combination of current positioning and recent changes gives us a stronger Crude Oil-bullish contrarian trading bias from a sentiment standpoint.

See how shifts in Crude retail positioning are impacting trend- Learn more about sentiment!

---

Previous Weekly Technical Charts

Learn how to Trade with Confidence in our Free Trading Guide

--- Written by Michael Boutros, Technical Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES